Calgary developer builds condos that require no down payment

Dan Van Leeuwen, president and chief executive officer of the Calgary-based development company New Urban, has been well aware of the housing affordability issues faced by residents of his city. In 2011, census data indicated that more than 35,000 households (8.1 per cent) in Calgary were facing financial hardship by spending 30 per cent or more of before-tax household income on shelter. Mr. Van Leeuwen understood that it would be impossible for his company alone to help all those with housing needs, but he had an idea that could provide assistance through a new homeownership strategy.

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